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Simple English definitions for legal terms

Federal Reserve System

Read a random definition: guardian of the estate

A quick definition of Federal Reserve System:

The Federal Reserve System is like a big bank that helps control how much money is in the country. It was created in 1913 and has 12 smaller banks that work together. The people who run the Federal Reserve System make rules about how much money banks have to keep in reserve and how much they can lend out. They also set the interest rate that banks have to pay when they borrow money from the Federal Reserve System. The goal is to keep the economy stable and make sure there is enough money for people to use.

A more thorough explanation:

The Federal Reserve System is the central bank of the United States. It is responsible for setting credit and monetary policies, regulating the amount of credit that can be extended on any security, and determining the reserves that depository institutions must maintain. The Federal Reserve System was established by the Federal Reserve Act of 1913 and is made up of 12 central banks supervised by a Board of Governors.

For example, if the Federal Reserve System determines that the economy needs a boost, it may lower the discount rate charged by Federal Reserve Banks, making it cheaper for banks to borrow money. This can encourage banks to lend more money to businesses and individuals, which can stimulate economic growth.

Another example is if the Federal Reserve System determines that inflation is becoming a problem, it may increase the reserves that depository institutions must maintain. This can reduce the amount of money available for lending, which can help to slow down inflation.

federal reserve note | Federal Retirement Thrift Investment Board

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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